It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
Skillet Chicken with Creamy Spinach Artichoke Sauce
You can never have too many chicken recipes right? Especially when they are this good! I can’t get over how amazingly delicious this Skillet Chicken with Creamy Spinach Artichoke Chicken is! It is definitely one of my new favorite ways to make chicken! I made this over the weekend and my family enjoyed it so much so here I am again making it on again on Monday so we can have it again, and of course so I can share with you guys. You just can’t go wrong with skillet chicken and a good sauce!
Ingredients
- 4 (6 oz) boneless, skinless chicken breasts
- Salt and freshly ground black pepper
- 1 1/2 Tbsp olive oil , divided
- 2 Tbsp butter
- 3 cloves garlic , minced
- 1 Tbsp flour
- 5 oz fresh spinach , rinsed, drained and chopped (3 1/2 packed cups)
- 1 (14 oz) can artichoke quarters, drained and chopped
- 1 1/4 cups milk
- 4 oz Neufchatel cheese , diced into small cubes
- 1/3 cup packed freshly , finely shredded parmesan cheese
- 1/4 cup sour cream
- Red pepper flakes (optional)
Instructions
- Pound chicken to an even thickness using the flat side of a meat mallet. Season both sides with salt and pepper. Heat 1 Tbsp olive oil in a large skillet over medium-high heat. Add chicken and cook until golden brown on bottom, about 4 - 5 minutes. Rotate chicken to opposite side, add remaining 1/2 Tbsp olive oil and continue to cook until chicken is golden brown on bottom and center registers 165 on an instant read thermometer, about 4 - 5 minutes longer. Transfer chicken to a plate, cover with foil to keep warm.
- Melt butter in same skillet used to cook chicken over medium heat. Add garlic and flour and cook 30 seconds then add in spinach and artichokes and saute until spinach has wilted, about 1 minute. Pour in milk, while scraping up browned bits from bottom (don't worry if you can't get all of it, the golden bits will come up as it continues to cook). Add in Neufchatel cheese and parmesan, season with salt and pepper to taste, and cook and stir until mixture has thickened slightly and cheeses have melted. Stir in sour cream then return chicken to skillet. Sprinkle with red pepper flakes and serve warm with cooked orzo if desired.
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